EquityPandit’s Outlook for Silver for the week  (Feb 4, 2019 – Feb 8, 2019) :

SILVER:

SILVER closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 40000 to 40100 where high for the month of July-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 40400 to 40600 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 40786 and close the week around the levels of 40580.

Minor support for the commodity lies around 40000 to 40200. Support for the commodity lies in the zone of 39400 to 39600 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 38800 to 39000 where high for the month of November-2018 is lying.

Resistance for the commodity lies in the zone of 40800 to 41000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 41500 to 41700 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 39500 – 39700 on downside & 41300 – 41500 on upside.